Uniswap, the well-known decentralized crypto exchange, lately revealed that it will integrate Sudoswap’s new NFT marketplace into its marketplace, allowing users to efficiently purchase, sell and trade NFTs.
The news was tweeted by Scott Gray, the head of NFT products at Uniswap Labs, who stated that Uniswap will provide NFTs with full Sudoswap compatibility.
Uniswap is one of the largest Decentralized Exchanges (DEX) in the world, enabling users to trade cryptocurrencies license-free. The platform has $6 billion in assets distributed in liquidity pools across Polygon, ETH, Arbitrum, Celo, and Optimism.
This integration enables users to purchase NFTs on the Uniswap platform as entering the on-chain liquidity provided by Sudoswap’s automated market maker, sudoAMM. Automated market makers let NFTs be traded automatically using pools of liquidity, rather than a traditional market which needs purchasers and sellers.
Sudoswap is a new NFT platform which allows users to purchase and sell NFTs decentralized manner and create NFT liquidity pools. One of the ways Sudoswap competes with OpenSea’s leading NFT marketplace is by providing low gas fees at only 0.5%, which is much lower than OpenSea’s 2.5% rate.
Crypto exchanges are accepting NFTs
The news reports that Uniswap, that lately gained NFT aggregator Genie as well, is doubling down on NFTs should come as no surprise to those who care about NFT news. It was reported on different crypto exchanges integrating NFTs into their marketplaces.
Previously this month, the Seychelles-based crypto exchange KuCoin released an NFT browser-based crypto wallet which allows users to store and show their digital collectibles. The crypto exchange announced that it will shortly present Web3 integrations such as dApps for NFT trading, blockchain-based gaming, and DeFi. The news published soon after the company made a $100 million investment commitment to back NFT projects, plus announcing its initial NFT series named Zzoopers.
Even as crypto and NFT markets are bearish, crypto exchanges seem to understand the significance of NFT integration. For those who prefer to trade their NFTs on decentralized exchanges, Uniswap’s new integration should come as a surprise.